“There’s nothing like a financial crisis to keep a newspaper afloat. They couldn’t be happier because that has elongated what they like to consider their ‘sunset’, the sunset of print.

“They’re investing a lot in their online presence. Yes, they do see the end of print. That pink broadsheet has such fond memories for so many people that I don’t think they’ll completely stop printing, but they will certainly pull back – in fact, they’re already pulling back.” There is tactical retreat from printing in certain geographies.

Solomon says the FT is committing to “less print” and says the FT sees a five-year trajectory for having exited print in substantial part. “They’re not saying that, by five years, they’ll completely stop it, but they do see that the sunset is going to be in about five years for them.”